14.—(1) Subject to paragraph (2) below, an application to the court for an exclusion order shall be made within a period of—
(a)thirteen weeks beginning with—
(i)the date on which the act and warrant is issued on confirmation of the permanent trustee’s appointment in accordance with the provisions of the 1985 Act or the date of the appointment of a judicial factor, or
(ii)in the case of a scheme referred to in regulation [F112(1)(a) above, the date, if later than that referred to in head (i) above, on which any rights of the debtor vest in the permanent trustee or judicial factor on the de-registration of the scheme by Her Majesty’s Revenue and Customs by virtue of section 157 of the Finance Act 2004; or]
(b)thirty days beginning with the date on which a qualifying agreement is revoked in accordance with the provisions of regulation 15 below.
(2) The court may, either before or after it has expired and on cause shown, extend the period referred to in paragraph (1)(a) or, as the case may be, (1)(b) above.
(3) In deciding whether to make an exclusion order and, if so, whether to make it in respect of part or all (but not exceeding the total amount) of the excludable rights, the court shall have reference to—
(a)the future likely needs of the debtor and his family;
(b)whether any benefits by way of pension or otherwise (other than a pension under Part II of the Social Security Contributions and Benefits Act 1992 or Part II of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (contributory benefits) or an income-related benefit [F2or universal credit under Part 1 of the Welfare Reform Act 2012]) are likely to be received by virtue of rights of the debtor which have already accrued under any other pension arrangements at the date on which the application for an exclusion order is made and the extent to which they appear likely to be adequate for meeting any such needs.
Textual Amendments
F1Words in reg. 14(1)(a)(ii) substituted (6.4.2006) by The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 (S.I. 2006/744), arts. 1, 21(8)